The Elon Musk effect has struck again! The whimsical American who recently bought Twitter has just made the news again. This time, he made the price of a crypto explode, more precisely the token ApeCoin.
Elon Musk stirs up (once again) the price of a crypto
This time, he did not use his favorite weapon, the tweet. No! On Wednesday May 4th, he simply decided to change his avatar on Twitter by posting the image of an NFT from the Bored Ape Yacht Club (BAYC) collection. Shortly after his avatar change, he also sent out the following tweet “I don’t know… it seems fungible”. While the content remains ambiguous, it does appear that the SpaceX CEO is referring to NFTs, which are by definition “non-fungible.” In any case, Elon Musk has since changed his profile picture on Twitter again.
As a reminder, BAYC is among the largest NFT collections in the world. The NFTs in this collection all represent monkeys in different situations. Some of the NFTs have sold for millions. It also seems that this collection is very popular with celebrities.
For example, singer Justin Bieber recently purchased NFT Bored Ape Yacht Club #3001 for the equivalent of $1.29 million at the time. Before him, the rapper Eminem bought the NFT Bored Ape Yacht Club #9055 for $462,000. Even the famous brand Adidas got involved and bought the NFT Bored Ape Yacht Club #8774!
What is the ApeCoin token (APE)?
The ApeCoin was developed by Yuga Labs. This decentralized organization is also behind the NFT Bored Ape Yacht Club collection. The token was officially launched on March 17, 2022. From the very beginning, the price of ApeCoin played a roller coaster ride. The huge buzz made around its launch pushed many major crypto platforms to list it. Thus, the ApeCoin token is now present on Binance, FTX, KuCoin, Kraken exchanges, etc.
The ApeCoin token price (APE)
The simple change of Elon Musk’s avatar has had an impact on the price of ApeCoin token. Thus, the price of the APE token increased more than 20% in just a few minutes. As usual, the Musk effect did not last and since then the price of the ApeCoin token has returned to normal.